
Broadcom cites ‘two strong drivers’ of revenue growth in Q1 earnings report
- Broadcom reported its financial results for the first quarter today.
- Here's what its CEO Hock Tan said in a press release on Thursday.
- Broadcom stock is now up roughly 35% versus its year-to-date low.
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Broadcom Inc (NASDAQ: AVGO) is trading down in extended hours on Thursday even though it reported market-beating financial results for its first quarter on continued AI demand.
Broadcom stock down on muted guidance
Copy link to sectionThe stock is taking a hit primarily because investors are not entirely content with the future guidance. $AVGO reiterated its guidance for $50 billion in revenue in fiscal 2024.
Analysts, in comparison, were at $49.8 billion. Hock Tan – the chief executive of Broadcom Inc said in a press release today:
Our acquisition of VMware is accelerating revenue growth in our infrastructure software segment, as customers deploy VMware Cloud Foundation.
The multinational also announced $5.25 a share of quarterly cash dividend on Thursday. Broadcom stock is now up roughly 35% versus its year-to-date low.
Broadcom Q1 earnings snapshot
Copy link to section- Earned $1.33 billion versus the year-ago $3.77 billion
- Per-share earnings also declined from $8.80 to $2.84
- Adjusted EPS printed at $10.99 as per the earnings report
- Revenue climbed 34% year-over-year to $11.96 billion
- Consensus was $10.42 a share on $11.72 billion in revenue
Broadcom saw its semiconductor solutions revenue pop 4.0% in Q1 while infrastructure software revenue went up a whopping 153%. CEO Tan also said on Thursday:
Strong demand for our networking products in AI data centers, as well as custom AI accelerators from hyperscalers, are driving growth in our semiconductor segment.
Earlier this week, $AVGO unveiled the world’s first 5-nanometre PCIe solutions as Invezz reported here.
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